Sudwikatmono, Bambang resign from Tri Polyta<\/p>\n
JAKARTA (JP): Former president Soeharto's second son Bambang
\nTrihatmodjo and cousin Sudwikatmono resigned yesterday from
\npublicly listed petrochemical firm PT Tri Polyta Indonesia amid
\ngrowing public demands for an investigation into the family's
\nwealth.<\/p>\n
Bambang resigned as chief commissioner and Sudwikatmono
\nresigned as president director at the company's shareholders
\nmeeting.<\/p>\n
The shareholders meeting then elected Markus Hartanto,
\npreviously vice president, as new president and named Peter F
\nGontha a temporary chief commissioner until the company holds an
\nextraordinary shareholders meeting in three month's time.<\/p>\n
Gontha, a long-term ally of Bambang, explained that Bambang
\nresigned because he had to take care of his own business and
\nfamily and allow other young professionals to steer the chemical
\ncompany.<\/p>\n
\"He (Bambang) has other businesses to take care of other than
\nTri Polyta Indonesia and Bimantara Citra... So, he's letting us
\ntake care of them,\" he said.<\/p>\n
Bambang's resignation yesterday followed a similar move late
\nlast month when he resigned from the widely diversified Bimantara
\nCitra as president. His brother-in-law, Indra Rukmana, married to
\nBambang's eldest sister Siti Hardijanti, resigned as Bimantara
\nCitra's chief commissioner.<\/p>\n
An analyst with a joint venture securities firm said
\nBambang's and Sudwikatmono's resignation from Tri Polyta would
\nnot affect the company significantly because they still had
\nstakes in the company.<\/p>\n
\"But their names, which used to be valuable assets when
\nSoeharto was still in power, have now become liabilities,\" the
\nanalyst said.<\/p>\n
Certain companies linked to Soeharto have come under public
\nscrutiny since the former five-star general handed over power to
\nhis protege and deputy, B.J. Habibie, on May 21 after ruling the
\ncountry for 32 years.<\/p>\n
Bambang Trihatmodjo has a 31.22 percent stake in Tri Polyta
\nthrough PT Bima Kimia Citra. Bima Kimia is 19 percent owned by
\nBimantara Citra.<\/p>\n
Sudwikatmono controls 5.31 percent of Tri Polyta.<\/p>\n
Other shareholders are Prajogo Pangestu with 8.51 percent,
\nHenry Pribadi 6.73 percent, Ibrahim Risjad 5.31 percent, Wilson
\nPribadi 3.89 percent, Andry Pribadi 3.54 percent, Henry Liem 3.54
\npercent, Johny Djuhar 2.13 percent, Henry Halim 0.71 percent,
\ncompany employees 0.08 percent and the public with 29.03 percent.<\/p>\n
Tri Polyta is listed both on the New York and Jakarta stock
\nexchanges.<\/p>\n
Markus said the country's dire economic condition would cause
\nthe company to face a bleak prospect this and next year due to a
\nsharp decline in domestic demand for its product, polypropylene.<\/p>\n
The company recorded a net loss of Rp 559.5 billion in the
\nfirst quarter this year compared to a meager loss of Rp 26.7
\nbillion in the same period last year.<\/p>\n
Tri Polyta, the plants of which are located in Cilegon, West
\nJava, produces around 370,000 tons of polypropylene resins.<\/p>\n
Chandra Asri<\/p>\n
Gontha said that not only Tri Polyta, but the country's sole
\nolefin firm PT Chandra Asri Petrochemical Center, in which
\nBimantara has also a stake, also faced dire problems.<\/p>\n
He said Chandra Asri, the plants of which are adjacent to Tri
\nPolyta's, might stop production in the next three to four months
\nif the economic situation deteriorated further.<\/p>\n
The rupiah's sharp depreciation against the U.S. dollar to the
\n16,000 level yesterday from 2,450 in July last year, has made it
\nunprofitable for Chandra Asri to import raw materials.<\/p>\n
\"There will be no single industry able to continue production
\nif the rupiah continues to sink against the dollar,\" he noted.<\/p>\n
He said even if Chandra Asri boosted its exports to offset the
\ndecline in the domestic market, it would not help much because
\nother Asian countries had also felt the pinch of the crisis in
\nthe region.<\/p>\n
Chandra Asri currently exports 60 percent of its petrochemical
\nproducts. The remaining 40 percent is set aside for the domestic
\nmarket.<\/p>\n
The company posted a pretax loss of US$84 million last year
\nagainst 1996's $120 million loss, while accumulated losses
\ntotaled $475 million as of the end of last year, up from $391
\nmillion the previous year.<\/p>\n
Chandra Asri is 23.8 percent owned by a Japanese consortium
\nlead by Marubeni, 29.4 percent by Barito Pacific group controlled
\nby Prajogo Pangestu, 22 percent by Bimantara Group, 9.8 percent
\nby the Napan Group and the remaining 15 percent by a group of
\nIndonesian banks. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sudwikatmono-bambang-resign-from-tri-polyta-1447893297",
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